Buying health insurance can be tricky. There are numerous public and private insurance providers in the market, and at times, their products can seem to be very similar. While it remains extremely important to have your family covered against any medical emergencies, there are a lot of things that go unobserved during the process of buying health insurance.
The premium ranges varies from provider to provider and while the cost of buying insurance remains a key factor. But there are a bunch of other elements which should not be ignored in such a crucial decision. After all, it’s a decision that affects both your family’s financial and physical well-being.
So here are 5 things that you should not ignore when taking health insurance:
Sum insured and coverage
One of the first things that you should look at is the sum insured available. This can vary within a wide range of some insurers providing sum insured in the range of INR 50K – 5 lacs, while others extending it to over INR 1 crore. Similarly, the coverage is one of the most important factors while choosing health insurance. The coverage will often depend on the sum insured, indicating that a higher sum insured with have a wider coverage than a lower sum insured.
The coverage, basically includes the various eventualities or situations that the mediclaim covers. Understanding what range of sum insured and coverage suits you best will come from taking stock of your medical requirements. Also, take note of the city you’re living in since medical costs vary across states and cities.
While most insurance providers boast of above 2000 network hospitals in the country, it is essential that you verify whether your preferred hospital or nursing home on their list. The list is often available on the website and if not, the same can always be procured from their physical offices or agents.
Having a network hospital near your residence can often be the difference between life and death.
While the above factors are key to helping you decide which provider you should opt for, a hassle-less claim procedure helps take the burden off, when you’re saddled with the ailment of a dear one. A cashless hospitalisation is easier, reimbursement processes can be more time-consuming. Understanding and taking note of the process beforehand can help you avoid complications in times of need.
Claim settlement ratio
The claim settlement ratio is one of the most transparent indicators of the likelihood of your health insurance company accepting your claims. A higher CSR indicates that they have approved most of the claim requests that have come their way, while a lower ratio indicates a higher risk for you and your family.
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